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LKQ Corporation (NASDAQ: LKQ), a Fortune 500 company, stands as North America’s largest provider of alternative collision auto parts. Established in 1998, LKQ has evolved from a consolidator of auto salvage operations in the U.S. to a global distributor of non-OEM automotive parts. The company offers a diverse array of products including recycled and remanufactured mechanical parts such as engines and transmissions, which are essential for automobile repairs. Additionally, LKQ is a prominent distributor and marketer of specialty aftermarket equipment and accessories in North America.
LKQ’s footprint extends beyond North America. It is the largest distributor of mechanical and collision alternative parts in the United Kingdom and the leading distributor of mechanical parts in the Netherlands. The company also operates in Taiwan, Belgium, and France, maintaining over 570 facilities worldwide. These facilities provide customers with a wide range of replacement systems, components, equipment, and parts for automobiles, trucks, recreational, and performance vehicles.
In terms of financial performance, LKQ has shown significant growth, surpassing $5 billion in revenue as early as 2013. This growth has been fueled by both internal development and an aggressive acquisition strategy, totaling over 170 acquisitions since its formation. LKQ also purchases over 300,000 salvage automobiles annually, extracting valuable parts for resale, and owns over 70 LKQ pick-your-part junkyards globally. The company's operations encompass approximately 1,700 facilities worldwide.
Recently, LKQ has focused on both expanding its global operations and enhancing its sustainability practices. The company’s commitment to providing high-quality, cost-effective parts makes it a valuable player in the automotive industry, and its extensive network ensures that customers worldwide have access to essential vehicle components.
LKQ (Nasdaq: LKQ) has appointed Andrew Clarke to its Board of Directors as an independent director, effective July 22, 2024. This addition brings the board to ten members, with eight being independent. Clarke brings over 20 years of executive, operational, and financial experience in the global transportation and logistics industries.
Clarke's most recent role was as Chief Financial Officer at C.H. Robinson from 2015 to 2019, where he helped achieve $3 billion in total revenue growth and return $2 billion to shareholders. His prior experience includes serving as CEO and President at Panther Expedited Services, Inc., and CFO at Forward Air
LKQ's Chairman, Guhan Subramanian, emphasized that Clarke's appointment is part of an active board refreshment process aimed at strengthening the company's financial and operational expertise to support long-term value creation for shareholders.
LKQ (Nasdaq: LKQ) is set to release its second quarter 2024 financial results on Thursday, July 25, 2024. The company will host a conference call and webcast at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) to discuss the results with senior management. Investors can access the call by dialing (833) 470-1428 or (404) 975-4839 for international calls, using conference ID: 893094.
Both the audio webcast and the slide presentation will be available in the Investor Relations section of the company's website. A replay of the call will also be accessible by phone at (866) 813-9403 or (929) 458-6194 for international calls, requiring the conference ID: 131497. The online replay will be available until August 9, 2024.
LKQ (Nasdaq: LKQ) announced a new two-year collective bargaining agreement with the trade union Verdi, covering approximately 5,000 employees in Germany, including 730 at the Sulzbach-Rosenberg distribution center. The agreement, which expires on April 30, 2026, includes a mandatory peace obligation ending all strike activity throughout its duration. Andy Hamilton, President and Executive Managing Director of LKQ Europe, highlighted the benefits for employees, including a collectively agreed increase, inflation compensation, and enhanced trainee salaries. The agreement provides certainty for both employees and the business while recognizing employees' hard work and contribution.
LKQ (Nasdaq: LKQ) has published its 2023 Global Sustainability Report, highlighting major achievements in sustainability and outlining its three-pillar strategy: delivering sustainable outcomes, people-led performance, and strong governance. Key milestones include processing 766,000 vehicles, recycling over 62,000 metric tons of scrap steel, reducing Scope 1 and 2 greenhouse gas emissions by 11.8% from the 2021 baseline, and achieving a 74 engagement score in employee surveys. The report also notes a 19.5% female representation in its workforce and $4 million in charitable donations. The goal is to create long-term value for all stakeholders.
LKQ has signed an agreement to sell Elit Polska in Poland to MEKO AB, a leading spare parts distributor in northern Europe. The deal is expected to close in the second half of 2024, pending regulatory approvals. Elit Polska generated $107 million in revenue in 2023.
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